How has the Indian government addressed bank frauds in recent years?
Explore the measures taken to control bank frauds under the Modi administration.
- Implementation of the Insolvency and Bankruptcy Code to deal with non-performing assets and improve recovery of bad loans.
- Setting up of specialized agencies like the Central Bureau of Investigation and Enforcement Directorate to investigate and prosecute bank fraud cases.
- Introduction of the Fugitive Economic Offenders Act to confiscate properties of economic offenders who have fled the country.
- Strengthening of oversight mechanisms like the RBI's prompt corrective action framework to monitor and regulate banks more effectively.
- Promotion of digital banking and e-governance initiatives to enhance transparency and reduce opportunities for fraud.
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